The application for liquidation bankruptcy of Chinese manufacturer brand Gionee have been accepted by the court of Shenzhen in China. Yet another Chinese smartphone company going to close, Gionee owe more than US$2.9 Billion (Php150 Billion) to 648 creditors according to reports.

Reports states that Gionee chairman Liu Lirong reportedly lost about US$1.4 Billion while gambling in a casino in Saipan. Although the chairman did not admit regarding the gambling that he use the company’s money to gamble, instead he admitted losing “only” US$144million.

The company have been losing US$14.4 million a month between 2013 and 2015 and doubled the loses in 2016 and 2017. Reportedly consultants were hired to restructure the company to streamline and create a plan to move them out of the chaos.

Gionee was founded in 2002 and had been a decent and prominent smartphone player that have a market shares in China, India, Philippines, Taiwan, Vietnam, Thailand, Myanmar, Bangladesh, Nigeria and Algeria. In 2017, Gionee captured the 4.6% of the market in India due to their selfie centric smartphones.